Personal Use Taxable Benefit Reporting

If your employees use their company vehicle for personal business, the IRS mandates that taxes be measured and withheld on the economic benefit received. The Personal Use Taxable Benefit Reporting program facilitates compliance and reduces costs. Program specialists simplify administration of payroll and W2 statements, assist with policy evaluation, provide reports that monitor compliance with IRS and company mandates, and provide the necessary information to your company’s payroll department.

Simple Data Collection

Data is collected monthly from employee’s expense worksheets or annually from individual correspondence that details total miles, personal miles and personal use charges if applicable. A final year-end report assists in payroll adjustments including providing the reportable dollar benefits for the payroll department’s use in preparing W2 forms.  If personal use is collected through payroll deductions, actual deductions are reconciled to the benefit calculation.

Administrative Support and Custom Reporting

While your company’s tax, payroll and Human Resources Departments remain ultimately responsible for compliance, once an approach to personal use valuation and documentation is identified, the Personal Use Taxable Benefit Reporting Program assists by collecting, storing and validating data, providing administrative support tools and calculating each employee’s income benefit.